What is the best financial advice you can give someone making £25k per year?

I was there not too long ago, I made even less than that as a trainee accountant after moving to the UK.

What you should be doing is first of all live within your means.

Live in the least expensive property that you can.

If you can live without a car – do it.

Search online for the cheapest deals you can get on utilities and mobile phone – do not upgrade your phone unless you absolutely have to.

Do not go out for food or drinks. Budget your weekly expenses and keep to that budget as much as possible.

These are the type of things that separate those who are poor and those who are broke for a short period, and lift themselves out of that situation.

And then, when you’ve reached a point that you’re not bleeding out money, you can start thinking about investing in yourself so that you don’t make £25k for long. And it’s easier than ever to do that now.

Hope it helps

Jon


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Published by Jon Kahn

Accountant and financial mentor based in Swansea, Wales. A contrarian who believes you should try to achieve your dreams by taking control of your life rather than reacting to them. Financial diets rarely work, so we believe in doing things differently.

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